Oman’s Sultan has appointed Abdulsalam al-Murshidi as the head of the Omani Investment Authority, a new state entity replacing the sultanate’s sovereign wealth funds, Omani state television reported on Monday.
Murshidi has served as Executive President of the State General Reserve Fund, Oman’s biggest sovereign wealth fund with $14 billion under management.
The formation of Omani Investment Authority was announced on June 4.
Oman announced on June 4 a new decree that would set up the Oman Investment Authority to own and manage most of the country’s sovereign wealth fund and finance ministry assets.
The decree, issued by Sultan Haitham bin Tariq al-Said, will allow the new authority to own all public assets except the Petroleum Development Oman company and government stakes in international institutions.
The investment authority will also replace sovereign wealth funds in the country’s official documents, the decree said.
Oman’s largest sovereign fund, the State General Reserve Fund, has assets of around $14 billion dollars while its second-largest fund, Oman Investment Fund, has around $3.4 billion, data from research group the Sovereign Wealth Fund Institute showed.